Consider a diagram in which employment is measured in the horizontal axis, and real wage is measured in the vertical axis. Which of the following questions about the labour supply and wage setting curves is correct? Select one: a. For any real wage, the wage setting curve shows the amount of labour that will be supplied. b. The wage-setting curve shows the real wage necessary at each level of economy-wide employment to provide workers with incentives to work hard and well. c. None of the listed answers is correct. d. Where the wage-setting and labour supply curves intersect, all unemployment is voluntary.
Consider a diagram in which employment is measured in the horizontal axis, and real wage is measured in the vertical axis. Which of the following questions about the labour supply and wage setting curves is correct?
Select one:
a. For any real wage, the wage setting curve shows the amount of labour that will be supplied.
b. The wage-setting curve shows the real wage necessary at each level of economy-wide employment to provide workers with incentives to work hard and well.
c. None of the listed answers is correct.
d. Where the wage-setting and labour supply curves intersect, all
Cuts in public expenditure do not guarantee a reduction in the government’s deficit because:
Select one:
a. None of the listed answers is correct.
b. Firms will try to pay less tax.
c. Aggregate demand falls, and firms invest less.
d. There is a fall in autonomous consumption.
e. Aggregate demand will fall, reducing government revenue.
There are 10 cars on the market, of which six are good quality cars worth $10,000 to buyers, and the others are lemons, worth zero. There are many potential buyers who do not know the quality of each car, but they know the proportion of good quality cars, and are willing to pay the average value. All sellers are happy to accept a price at least half the value of their car. Based on this information, which of the following statements is correct?
Select one:
a. The buyers are willing to pay at most $5000.
b. None of the listed answers is correct.
c. All cars will be sold at a price of $6,000.
d. Only the lemons will be sold in this market.
e. All cars will be sold at a price of $5,000
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